Shares of ITD Cementation zoomed 20 percent to hit the upper circuit after the company secured a new contract to construct a multi-story commercial building in Uttar Pradesh. The contract is valued at approximately Rs 1,937 crore, inclusive of taxes and duties.
However, the company has not provided details on the scope of the project or the timelines for its execution
ITD Cementation has also not disclosed its current order book status following this recent win. The stock also surged on heavy volumes as one crore shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of 41 lakh shares.
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In the past two weeks, the stock has rallied 35 percent, on reports that Adani Group is eyeing to acquire a promoter stake in the company.
On July 3, ITD Cementation announced that the company has been informed by Italian Thai Development (ITD) Public Company Limited, the promoter shareholder of the company, that they are exploring a potential divestment of their investments in the company.
The company was also informed that the process is at a preliminary stage and no definitive decision in this regard has been taken as yet, ITD Cementation. In the month gone by, the company further informed that there was no conclusion to the proposed divestment of ITD’s investments in the company.
ITD Cementation is an engineering and construction company undertaking heavy civil, infrastructure and EPC projects in India.
The company has expertise in projects such as maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams and irrigation projects, highways, bridges and flyovers, industrial structures and buildings, foundation and specialist engineering, among others.
At 11:40 am, ITD Cementation shares were trading 19.5 percent higher at Rs 643 on the National Stock Exchange (NSE) in the previous session. The stock has surged 121 percent so far this year, more than doubling investors' capital.
In the past 12 months, the counter has zoomed 186 percent. In comparison, Nifty rose 32 percent during this period.
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